Wachovia earnings today fell dramatically 49 cents below expectations, an $8.9 Billion loss, and a cut of the dividend by 87%. Wachovia earnings release also mentioned they are no longer operating a mortgage wholesale lending division.

Wachovia is not the first bank to close the door on mortgage brokers. Bank of American did so a few months back as well.

With the Fed jumping in on Friday to calm the markets it would be easy to be fooled into thinking the worst of this financial irresponsibility is over…it’s only just begun!